Nation Current Affairs 24 Jan 2018 Zee Group may not ta ...

Zee Group may not take over Agri Gold

DECCAN CHRONICLE.
Published Jan 24, 2018, 7:14 am IST
Updated Jan 24, 2018, 7:14 am IST
Representatiave of the company to clarify the management’s stand tomorrow in court.
Agri Gold Group Of Companies logo
 Agri Gold Group Of Companies logo

Vijayawada: The wait for justice seems to be unending for Agri Gold victims. The hopes created by the Zee Group have not materialised so far.

The changed attitude of the Zee Group in the High Court is raising doubts. The High Court Bench asked Zee Group to file an affidavit in detail, which would be done on Jan. 25, after which there would be some clarity.

 

The members of Agri Gold Customers and Agents Welfare Association are meeting in Vijayawada to discuss the future course of action.

On Jan. 18, in the High Court, the representative from Zee Group has been asked by the Bench to clarify when will the takeover process be started. The representative sought some time to reply and said they have to "keep up their interest". This raised doubts among the victims. One more interesting twist is that the Agri Gold management has informed the court that they are willing to pay the amount and asked the time up to March, 2018.

Mr Muppalla Nageswara Rao, on behalf of Agri Gold Customers and Agents Association, has told  DC, "We are suspecting from the beginning that the Agri Gold directors have influenced the Zee Group and convinced them to take over. But now, may be the terms have not been cleared. Asking time up to March by Agri Gold management was also surprising. This will drag the issue unnecessarily."

In AP, Agri Gold has 19.52 lakh customers, of whom 3.4 lakh are agents. The management has to pay Rs 3,960 crore to them. The value of the assets of Agri Gold is Rs 20,000 cr as per the management and according to the the government assessment, it is Rs 16,000 cr.

The Association has demanded that the government to take over Agri Gold properties and pay the amount to the victims. Justice Chandra Kumar, who has participated in the roundtable meeting of the Association on Tuesday in Vijayawada said, "The state government has to take over the assets of Agri Gold and pay back the deposits of Rs 4,000 crore to the victims' families."

Mr Muppalla Nageswara Rao said despite the compensation announced by the state government through a GO, on 12th May, 2017, and funds given in September, till now, payment has not been made to the families of the victims, who have committed suicide and died of heart stroke.

The Association planned Chalo Amaravati in March, during Budget sessions of the Assembly. On Jan. 25, the Zee Group is going to file the affidavit, with which it will be clarified completely.

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